A Review of Risk Management in the Construction Industry: Opportunities for Enhancement

Abstract

The construction industry is experiencing growth across various countries, and projects in this field are often carried out in challenging environments and consistently exposed to various risks. Risk is an inherent component of civil engineering projects, and its complete elimination is never feasible. By applying risk management knowledge, it is possible to effectively manage project uncertainties that lead to different risks, reducing the likelihood of risk occurrence and its impact on achieving project objectives. The aim of this research is to evaluate previous studies conducted in recent years to demonstrate a comprehensive and precise approach to the importance of risk management in the construction industry. Information has been collected from research conducted in the past five years on platforms such as Google Scholar, Emerald, and ScienceDirect, using relevant keywords related to the research topic. The results indicate that, from the examination of selected articles, risk management is consistently a vital and challenging component in the management of civil engineering projects. Furthermore, it is evident that risk is a global process in project management with a profound impact on project success or failure.